SUBURBAN NATIONAL BANK Failed 1991

What happened

SUBURBAN NATIONAL BANK of HILLSBOROUGH TWNS, NJ was closed on 1991-07-26. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to PROVIDENT SAVINGS BANK (JERSEY CITY, NJ). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3150

FDIC Certificate

27157

FDIC FIN

4380

Bank name

SUBURBAN NATIONAL BANK

Location

HILLSBOROUGH TWNS, NJ

Failure date

1991-07-26

FDIC resolution date

1991-07-26

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$28M

Deposits at failure

$91M

Assets at failure

$91M

Acquiring bank

PROVIDENT SAVINGS BANK (JERSEY CITY, NJ)